This study explores the influence of debt literacy, self-control, and demographic characteristics on over-indebtedness among Buy Now Pay Later (BNPL) users in Indonesia. With the rapid expansion of BNPL services, concerns have risen over financial risks, particularly excessive borrowing behaviors. Using a survey of 400 Indonesian citizens, this study measured debt literacy through three knowledge-based questions, self-control through Likert-scale behavioral statements, and over-indebtedness using a subjective binary indicator of financial distress. Binary logistic regression was employed to analyze the relationships between variables. The results reveal that both debt literacy and self-control have a significant negative association with over-indebtedness. Conversely, demographic factors such as age, gender, education, and income did not show significant predictive power, though they were retained to control for background variation and to improve model fit. The findings underscore the importance of behavioral and cognitive factors in financial vulnerability and highlight the need for more nuanced, multidimensional tools for future research. Policymakers and fintech providers should prioritize targeted financial education and design responsible credit features to reduce financial risks among users.